Qassim Cement Co. reported a net profit after Zakat and tax of SAR 261.4 million for the first nine months of 2021, a 15% decline from SAR 306.8 million in the same period last year.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 660.76 | 591.47 | (10.5 %) |
| Gross Income | 364.38 | 282.14 | (22.6 %) |
| Operating Income | 323.12 | 255.38 | (21.0 %) |
| Net Income | 306.75 | 261.43 | (14.8 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 3.41 | 2.90 | (14.8 %) |
The company attributed the decrease in net profit to lower sales, driven by a decline in average selling price.
This came despite higher sales volume and returns on financial investments, along with a drop in general and administrative expenses.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 231.58 | 170.31 | (26.5 %) |
| Gross Income | 120.65 | 69.66 | (42.3 %) |
| Operating Income | 111.55 | 59.70 | (46.5 %) |
| Net Income | 110.11 | 60.39 | (45.2 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 1.22 | 0.67 | (45.2 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 197.81 | 170.31 | (13.9 %) |
| Gross Income | 100.09 | 69.66 | (30.4 %) |
| Operating Income | 91.69 | 59.70 | (34.9 %) |
| Net Income | 100.18 | 60.39 | (39.7 %) |
| Average Shares | 90.00 | 90.00 | - |
| EPS (Riyals) | 1.11 | 0.67 | (39.7 %) |
The cement producer reported a net profit of SAR 60.4 million for Q3 2021, a 45% decline year-on-year (YoY), on lower sales volume and value.
When compared to previous quarter, Q3 net profit dropped 39.7% on lower sales.
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